An account is closed at year-end when an entry changes its balance to zero.
Correct Answer:
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Q17: The trial balance prepared before the general
Q18: An unadjusted trial balance shows the general
Q19: Each adjusting entry affects a balance sheet
Q20: An adjusted trial balance is a listing
Q21: Adjusting entries must be journalized and posted
Q23: The post-closing trial balance includes only balance
Q24: The complete accounting cycle begins with the
Q25: All accounts in the general ledger are
Q26: The double-entry system of debits and credits
Q27: The term debit refers to:
A) The left
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